In terms of Regulation 15(2)(a) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, regulation 23(9) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, ....
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Kajal Synthetics and Silk Mills Ltd has informed BSE that SEBI Regulation 23(9), which requires listed companies to disclose related party transactions along with half-yearly financial results, does not apply to it. This regulation is only mandatory for companies whose paid-up equity capital exceeds Rs. 10 crore and net worth exceeds Rs. 25 crore. The company's paid-up equity capital as on March 31, 2024 was Rs. 199.20 lakhs (about Rs. 2 crore), and its net worth was negative Rs. 576.72 lakhs. Both figures are well below the required thresholds, so the company is exempt from filing related party transaction disclosures. The letter is signed by Director G.M. Loyalka (DIN: 00299416).
This is a routine compliance intimation and should not directly move the stock price. However, the negative net worth of Rs. 576.72 lakhs is a serious red flag for shareholders, indicating the company's liabilities exceed its assets and raising concerns about long-term financial health.